The appraisal process

When you make an offer on a home and the offer is accepted, you will need to apply for a mortgage
loan. The mortgage lender will order an appraisal
from a qualified appraiser. The appraiser's job is to look at recent sales in the area and to provide a value of the property you are purchasing. This valuation helps the lender verify the home is worth as much as the buyer is paying for the property.

Your real estate professional should help construct your offer to purchase to state the purchase offer is contingent on your ability to secure financing. If the property does not appraise for your purchase amount, then you probably won't be able to secure financing, which could void the sales contract.